Black Sea Property has just raised £1.52m before expenses to put towards its new investment policy of acquiring property assets in Bulgaria. However, until it has invested the money, it is failing to implement the policy and, as it is now a year since the last of the company’s old portfolio was sold off, it has fallen foul of AIM rules that say investment companies must implement their investment policies within a year.
Black Sea Property has decided the best course of action is to suspend its shares while it rebuilds its portfolio. If it hasn’t managed to do this a year from now then the company will be wound up.
BKSA : Black Sea Property shares suspended